Question: Exercise 1 7 - 2 1 ( Algorithmic ) ( LO . 1 ) Hummingbird Corporation, a closely held C corporation that is not a

Exercise 17-21(Algorithmic)(LO.1) Hummingbird Corporation, a closely held C corporation that is
Exercise 17-21(Algorithmic)(LO.1)
Hummingbird Corporation, a closely held C corporation that is not a PSC, has $112,500 of net active income, $45,000 of portfolio income,
and a $123,750 loss from a passive activity.
Compute Hummingbird's taxable income for the year.
$
not a PSC, has $112,500 of net active income, $45,000 of portfolio

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